Business Plan for Purchasing Colvard Insurance Associate
Executive Summary
This is a business plan that justifies and shows the purchase of Colvard Insurance Associate. Its acquisition will make it the brightest and newest insurance agency in the American region. The person looking to purchase it is Justin Plunkett. After he purchases it, the name of the insurance company will change to Plunkett Agency. Justin Plunkett has been in the insurance business for 5 years. He has been able to manage and facilitate the growth of a nearby agency in Guntersville, AL. He will provide the business with not only the desired skill and experience but also support it financially so that it can grow and be the regional leader it’s meant to be.
What will set the insurance company apart from the others is the skilled manpower and the provision of relevant products to customers. The owner is a skilled person who has a complete understanding of the insurance field. The enterprise will also get the services of trained individuals preferable those who have previous experience in the insurance field. This will ensure they not only have the expertise required but are also passionate in delivering products that are tailor made to meet customer requirements. Therefore, customers will get proper services and purchase products that are not only legitimate, but also meet their individual needs.
Business Objectives
Plunkett Agency needs constant growth in order to avail the finest products and services its clients. There are set objectives it needs to attain first in order to meet its target goals:
Plunkett Agency strives to provide excellent services to customers by being professional and coming up with quality products that meet customer requirements and needs.
Guiding Principles
- The best policy is honesty. Plunkett Agency will uphold diligence and integrity in their day to day activities.
- Commitment to serving the people. Plunkett Agency will employ qualified staff who can effectively deliver on the customer requirements and needs.
- Consistency in operations. Plunkett Agency will uphold good services to customers and always maintain a good relationship with them. This ensures that they remain loyal and invite more people to seek out insurance policies from the firm.
Products
Plunkett Agency will offer not only a variety of insurance packages, but also financial products that meet the needs of their customers. Some Insurance packages will be Automotive Insurance, Health Insurance, Life Insurance and also Business Insurance. Their financial products will include Financial planning, Stock Brokerage and Lending Products and also Mutual Funds. Through provision of these products, the firm will be able to assist clients in managing their financial assets. They will also be able to guarantee them service in case they are faced with any calamity they have insurance against.
Competitive Comparison
The insurance market in the Southeastern region is quoted to be at $5 million. The market share currently is controlled by captive agencies who compete based on public perception and name recognition. Their services and products are limited and dictated by their captive agencies. This provides an opportunity for Plunkett Agency to introduce better packages while upholding their image to the public. This will ensure they are able to gain some command in the market share.
Financing
Sales Forecast and Profitability
Plunkett Agency expects to experience a remarkable rate of growth once the new administration takes control. Profits are expected to grow rapidly due to the new policies that will be introduced by the new management. The company will also hire as many sales producers as it can afford so as attain high sales and constant cash flow. It will also focus on cross-selling and growing the emerging business as part of the plan to grow the business. Below is a table showing how the management expects the business to perform in the first five years.
Performa Profit and Loss Statement of Plunkett Agency for the next Five Years
Marketing Strategy
Plunkett Agency is going to embark in an aggressive digital marketing strategy in order to woo customers. This will involve creating a new Web Site that is more interactive with customers. Social media will also be used.
Future
If there is growth as expected and a strong market share then Plunkett Agency will experience constant growth and develop to be a regional leader in the industry. The management will also offer a variety of financial products that "will input to the development." If everything goes s planned, then the expected net profit after the fifth year will hit the $400,000 mark.
